I'm using pool filter sand in my 55. It cost $9 for a fifty lb bag. I actually thought 50 lbs was a little too much; I ended up taking a little out so I have an inch and a half to two inches of substrate. You can have some plants with sand or regular gravel, you just have to accept that your choices are going to be limited. If you want to get serious about plants, your substrate, not to mention your lights are going to be much more expensive.
Edited to add, I have Home Depot play sand in one of my 20's, which costs about half as much as the pool filter sand.
I belive my way is the correct method..I asked an owner of an LFS how much gravel is enough for a 55 gallon before..He told me 60 pounds and the owner has been in business for 30 years...It corresponds to this link about how much gravel is needed in an aquarium which states about measuring the sides of the aquarium..Most people just go by what they think is okay..Here is the link:
http://www.bestfish.com/tips/073098.html